DLA Piper has advised Eni regarding the disposal of its shares in Tigaz Group. The buyer, MET Holding, was advised by Kinstellar.
Based on the deal announced on December 18, 2017, Eni and MET Holding agreed on the sale of 98.99% of Tigaz Zrt -- including Eni’s gas distribution operations in Hungary through its participations in Tigaz DSO and Turulgaz -- to MET. The value of the deal was not disclosed.
According to the Eni press release, the agreement was reached following a competitive tender and says that, "through this deal, Eni completes its exit from the gas sector in Hungary in line with its disposals and asset rationalization plan. The exit process started in 2016 with the disposal of Eni’s gas marketing activities in Hungary in both free and regulated markets."
The DLA Piper team consisted of Country Managing Partner Andras Posztl, Counsel and Head of Energy in Hungary Gabor Simon, and Senior Associate Gabor Spitz.
The Kinstellar team was led by Partner Anthony O’Connor and included, among others, Partners Kristof Ferenczi and Peter Voros and Managing Associate Balazs Sepsey.